Transcript Power Point

TUHSC Office of Financial Aid
2015 Summer
Financial Aid Workshop
Thursday, March 19, 2015
Introduction
• TUHSC Office of Financial Aid Staff
Counselors
A - HO
HP - MB
MC - Z
Carl Hudson, Counselor
James Bourgeois, Associate Director
Contact Donna Fasullo
Administrative Program Coordinator
A - Z Donna Fasullo
Workshop Outline
•
•
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•
•
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Introduction / Outline
Applications required
Types of aid available
Annual loan limits
Federal aid eligibility
Academic year:
’14-15 vs. ‘15-16
• Cost of attendance
Tuition & Fees
Weeks of attendance
Abroad programs
• Loan processing
Federal Direct Unsub
Federal Grad PLUS
Private (non-federal)
• Billing of tuition & fees
• Disbursements of aid
• Refunds for living
expenses
• Reconsiderations
• Applying for 2015-2016
Applications Required
• 2015 Summer Addendum
• 2015-2016 Free Application for Federal Student Aid (FAFSA)
• 2014-2015 Free Application for Federal Student Aid (FAFSA)
• Federal Direct Loan Applications:
Federal Direct Loan Master Promissory Note
Federal Direct Grad PLUS Loan Master Promissory Note
• Private (non-federal) Student Loan Application
• IRS federal tax transcript (being filed by 4/15/14)…if necessary
• Verification Addendum (if necessary)
• Website: http://tulane.edu/financialaid/hsc/index.cfm
Types of Financial Aid Available
• Scholarships
Departmental Grants
Outside Scholarships
• Loans
Unsubsidized: Federal Direct Unsubsidized Loan
Federal Grad PLUS Loan
Non-federal, Private Student Loan
• Employment
Federal Work Study will NOT be available!
Annual Loan Limits
• Federal Direct Unsubsidized Loan:
Social Work Annual Limit
Federal Direct Unsubsidized
$20,500
PH Annual Limit
Federal Direct Unsubsidized
$33,000
MD Annual Limit
Federal Direct Unsubsidized
$40,500
• Federal Grad PLUS
Non-federal, private alternative loan:
No annual limit
Cost of Attendance less Other Aid
Academic Year:
2014-2015 vs. 2015-2016
• 2014-2015:
7/1/14 through 6/30/15
Use only if 14-15 annual loan limits available.
• 2015-2015:
7/1/14 through 6/30/15
Use if 14-15 annual loan limits exhausted
• CAN NOT MIX ACADEMIC YEAR
ELIGIBILITY!
Federal Aid Eligibility
• Public Health Students must enroll for at
least 5 credit hours and/or “Practicum” or
“Dissertation” each semester to be eligible
for federal aid. Social Work Students
must enroll in 6 or more credit hours
• Realize that academic decisions, especially
the adding and dropping of credit hours,
will most likely directly impact your
financial aid award.
Cost of Attendance
• 2015 Summer Public Health Tuition & Fees
Based on current 2014-2015 rate schedule:
$ 1,117 tuition per credit hour
+
$ 90 academic support fee per credit hour
=
$ 1,207 total per credit hour
+
$ 100 technology fee for summer semester
• Living Expenses
Based on actual weeks of enrollment
Based on 2015-2016 budgets
$479 per week for resident students
or
$197 per week for commuter students
$50 per credit hour for books ($150 for Practicum and/or
Dissertation)
Cost of Attendance Example #1
• 2015 Summer Enrollment:
EPID-6420-01
3 hrs
$3,621 tuition & fees
6/1/15 – 6/26/15
4 weeks
GEHS-6030-01
3 hrs $3,621 tuition & fees
6/1/15 – 6/26/15
4 weeks
Summer Cost of Attendance:
$7,242 tuition & academic support fee
+
$ 100 technology fee for summer semester
+
$ 300 books (6 hrs @ $50 per hr)
+
$1,916 living expenses (4 weeks)
=
$9,558 TOTAL
Cost of Attendance Example #2
• 2015 Summer Enrollment:
EPID6420-01
3 hrs
$3,621 tuition & fees
6/1/15 – 6/26/15
4 weeks
GCHB6030-01
3 hrs
$ 3,621 tuition & fees
6/29/15 – 7/24/15
4 weeks
Summer Cost of Attendance:
$ 7,242 tuition & academic support fee
+
$ 100 technology fee for summer semester
+
$ 300 books (6 hrs @ $50 per hr)
+
$ 3,832 living expenses (8 weeks)
=
$11,474 TOTAL
Cost of Attendance Example #3
• 2015 Summer Enrollment:
BIOS-9970-01
0 hrs
$ 150
6/1/15 – 7/24/15
8 weeks
GCHB-6030-01 3 hrs
$ 3,621 tuition & fees
6/29/15 – 7/24/15
4 weeks
Summer Cost of Attendance:
$3,771 tuition & academic support fee
+
$ 100 technology fee for summer semester
+
$ 300 books (dissertation + 3 hrs @ $50 per hr)
+$3,832 living expenses (8 weeks)
=
$8,003 TOTAL
Cost of Attendance
• Summer Abroad Programs
Add additional costs associated with program
Airfare, lodging, visas, etc.
Allow for local rent charges while abroad
Can NOT disburse aid prior to your summer semester start
Recommend completing all possible application materials
Recommend signing up for “direct deposit”
Loan Processing
•
Federal Direct Unsubsidized Loan
* No need to e-sign a new Direct MPN if borrowed this year
* Unless you tell us differently, we will certify for the maximum
amount eligible
•
Federal Direct Grad PLUS Loan
* No need to e-sign new Direct Grad PLUS MPN if borrowed this year;
HOWEVER…Note that for Grad PLUS for 2015 summer and then again for
the 2015-2016 academic year a credit check is performed by DOE.
•
Non-federal Private Loan
If borrowing non-federal, private student loan funds, then must
complete lender’s loan application process (preferred private
lenders offer an on-line application process).
You need to complete separate private loan applications for the
2015 summer and for the 2015-2016 academic year.
All non-federal, private loans are credit based.
Billing of Tuition & Fees
• You are billed tuition for every credit hour enrolled.
• Practicum is billed at $50 tuition per semester.
• Tuition and fees are billed at the start of the summer
semester.
Example #1 Revisited
Financial Aid Budget for the 2015 Summer Semester:
assumptions: * enrolled for 6 credit hours
* enrolled for 4 weeks
* not residing with parents
Tuition & fees:
Room & Board:
Books:
Transportation:
Miscellaneous:
TOTAL:
$ 7,342
$ 1,432
$ 300
$ 320
$ 164
$ 9,558
Example #1 Revisited
Financial Aid Award for the 2015 Summer Semester:
(based on prior cost of attendance = $9,558)
Federal Direct Unsubsidized Loan: $ 9,558
TOTAL:
$ 9,558
Thus, total financial aid award = total cost of attendance.
Disbursements of Aid
• Loan period for the 2015 summer semester:
05/18/15 to 08/11/15
• Federal regulations allow for a single
disbursement of Federal Direct loan funds during
a loan period, all at the start of enrollment.
• Federal Direct loans disburse loan funds via
electronic fund transfer (EFT) to Tulane.
• All eligibility criteria must be satisfied prior to
disbursement of aid.
Refunds
With all aid arriving at start of the semester:
Tuition & fees
- Fed. Dir. Unsub Loan (net)
= A/R balance
+ Refund
$ 7,342
$ 9,456
($2,114)
$ 2,114
= A/R balance
$
0
Refunds
Sign up
for
“direct deposit”
for refunds
http://pandora.tcs.tulane.edu/acctrec/
Reconsiderations
• SUMMER IS A SHORT SEMESTER…
so decide on summer schedule before
submitting Summer Addendum!
• If drop credit hours, can impact tuition costs as well as
number of weeks of living expenses!
• If add credit hours will process additional aid after
priority processing is complete.
• Receive any other financial assistance:
departmental grant
outside scholarship
• DEADLINE is JUNE 15, 2015!!
Applying for 2015-2016
• 2015-2016 FAFSA
• 2015-2016 SPH&TM Financial Aid Addendum
• No need to complete new Federal Direct
Unsubsidized and/or Federal Direct Grad PLUS
MPN (unless using loan program for the first
time)
• Apply for private loan (if applicable)
Additional Information
• Communication:
e-mail
local address
• Always borrow conservatively
• Complete a “Title IV Release” form
allows for federal aid to be used to cover all
non-tuition & fee expenses
• Reminder: Sign up for “direct deposit” to receive
refunds expeditiously
Final Thoughts
Questions???